The key difference between supply in the short run and supply in the long run is that we assume that firms:
A. are able to enter and exit the market in the short run.
B. are able to enter and exit the market in the long run.
C. will not collude in the short run.
D. will have a total supply that is constant in the long run.
B. are able to enter and exit the market in the long run.
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In the equation, GDP = C + I + G + X - M, G refers to
A) federal government expenditures plus all transfer payments. B) local, state, and federal government spending for all purposes. C) the taxes and expenditures of all government units. D) local, state, and federal government expenditure on goods and services, but does not include transfer payments.
Refer to Table 10-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
We say that a firm is vertically integrated if
A. it centralizes all its output decisions but decentralizes its pricing decisions. B. it decentralizes all its input purchases but centralizes its decisions on output. C. it develops differentiated products that command price premiums. D. it makes some of its own inputs.
The total quantity of output demanded at alternative price levels refers to:
A. Macro equilibrium. B. Consumption. C. Market demand. D. Aggregate demand.